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Trying to find a mortgage
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bananah
Posts: 77 Forumite
We're in the process of trying to get a mortgage on a house we have had an offer accepted on.
We were declined a 90% LTV mortgage and have now managed to raise slightly more deposit to get it to 85%. The decline was due to 'past credit history'. We did have a bad credit rating, following a DMP but according to Experian my wife and I now have 'excellent' ratings.
So my question is, does every mortgage broker have access to the same deals? Is it worth us looking at another broker if we don't get something this time around.
I'm also conscious that more applications will have a detrimental effect on our search history, so at what stage do we give up?
thanks for any advice.
We were declined a 90% LTV mortgage and have now managed to raise slightly more deposit to get it to 85%. The decline was due to 'past credit history'. We did have a bad credit rating, following a DMP but according to Experian my wife and I now have 'excellent' ratings.
So my question is, does every mortgage broker have access to the same deals? Is it worth us looking at another broker if we don't get something this time around.
I'm also conscious that more applications will have a detrimental effect on our search history, so at what stage do we give up?
thanks for any advice.
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Comments
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Ignore your credit score. A finger in the wind would be more accurate.
With all due respect how can you have an 'excellent' rating when you have had a DMP.
When did the DMP end? Was it settled in full? any defaults or CCJ's?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
With regard to the rating, this came from Experian - I'm just quoting it.
We sold our house to pay off all of the debts, some of which were part-settled and closed. There were defaults but no CCJs. The DMP ended 5-6 years ago.0 -
If only Experian did mortgages, then their credit score could actually be used for something!
When was the DMP started? and when was it finished?
How were the debts within it, and any new debts, registered? Do you have any defaults, CCJs, or even just missed payments?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
With regard to the rating, this came from Experian - I'm just quoting it.
We sold our house to pay off all of the debts, some of which were part-settled and closed. There were defaults but no CCJs. The DMP ended 5-6 years ago.
I would imagine that there will be a lender for you with 15%
I think any decent broker would be able to help, but you might be better served going to a specialist to be sure.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I'm afraid Bananah your case sounds like it will need careful massaging to get it through.
If you are not using a mortgage broker you should engage one.
If you are using a mortgage broker, you may need one more experienced with adverse credit.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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